ATO safe harbour for ‘work-horse vehicles’ Eligible commercial work vehicles are exempt from FBT where any private use is limited to either: ‘work-related travel’ of an employee (including home to work travel); and Any other private use by the employee [...]
What constitutes a going concern? We were recently asked to provide advice on the potential sale of a family’s commercial property. The query asked ‘what constitutes a going concern and whether a vacant tenancy requires a partial payment of GST’. [...]
Small business tax tips for 2018 Small businesses may be eligible for a range of tax benefits. We have put together the following tax tips to help small businesses. Maximise depreciation deductions If you have a turnover of less than [...]
Federal Budget Highlights 2018-19 A budget to strengthen the economy, create jobs and cut taxes was the promise of this year’s Federal Budget. We have put together some of the tax and superannuation Federal Budget highlights, that may be of [...]
GST Withholding On Residential Property The Government has introduced a Bill aimed at strengthening GST payments in the property industry as part of the 2017/18 Federal Budget. Under the new laws, buyers are required to withhold the GST on the [...]
Work Related Expenses - What You Need to Know The ATO are paying attention to people who are over-claiming work related expenses. If you can satisfy these three rules then the expense is claimable: You must have spent the money [...]
Housing Affordability Tax Measures Recently, legislation has been introduced to Parliament for a number of housing affordability tax measures. One measure is the First Home Super Saver Scheme (FHSSS) which will encourage first homebuyers to ‘build a deposit inside their [...]
Is A Contractor Really An Employee? There are so many myths about when is a contractor really an employee? Not understanding the differences could leave you in a lot of trouble with the ATO. Here's a short video explaining more. [...]
Tax time is prime time for scams Yet again, the ATO is warning tax payers against fraudsters attempting to scam them by posing as ATO representatives. In 2015 almost 87,000 phone and email scams were reported to the ATO, an [...]
ATO Targets Dodgy Tax Deductions With over eight million Australians claiming work-related expenses each year, Assistant Commissioner Graham Whyte from the ATO is reminding people to make sure they get their deductions right this tax time. “Australians claim over $21 [...]
